C-Com’s quarterly results meet expectations: CEO

C-COM Satellite Systems’ string of strong quarterly results continued Tuesday, with the Ottawa company reporting the 42nd profitable quarter in the last 43, president and CEO Leslie Klein said.

“Q3 results are in line with our expectations, reaffirming strong customer support across our entire product line,” Mr. Klein said in a statement.

The company reported a net profit of $410,500 for the three months ending Aug. 31, compared with a profit of $353,978 in the same quarter last year. C-COM’s operating profit increased almost $100,000 from the same period last year, to $580,147.

Year-to-date, the company’s net profit is $1.6 million, down from $2.2 million at this time in 2013. Operating profit year-to-date has fallen about $500,000 to just under $2.5 million.

Revenues for the quarter dropped 4.5 per cent from last year, to $2.9 million. Revenue for the year so far is down 23.2 per cent to just over $9 million.

Mr. Klein said C-COM (TSX VENTURE:CMI) is one of the first mobile antenna manufacturers to deliver mobile antennas to customers in the U.S., Europe, the Middle East and Africa.

“We are the only company in the world to date with antenna approvals for this technology from all of the major Ka satellite providers and we expect to remain the market leader in this rapidly expanding sector,” he said.

C-COM’s working capital was up 11.2 per cent in the third quarter to $19.2 million.

“The company continues to be free of long-term debt with a significant cash position,” said Mr. Klein.